The Nigerian National Petroleum Company Limited (NNPCL) has announced that it does not have a fixed date for its planned initial public offering (IPO). According to Group Chief Executive Officer Bayo Ojulari, the decision to list the company will ultimately be made by its shareholders. This statement was made during a briefing in Abuja on the company’s 2025 audited financial results.
Ojulari emphasized that while NNPCL has not set a date for the IPO, consultants and other parties involved in assessing the company will advise on when NNPC Ltd is ready for listing after all identified gaps have been addressed. The company’s management is responsible for ensuring that it is prepared for listing, while the final decision rests with shareholders acting on behalf of the country.
NNPCL has completed the first phase of a diagnostic review aimed at identifying gaps in its compliance with listing requirements. Work is ongoing across the company and its subsidiaries to address the identified areas, with management making progress. The company needs to build a strong track record as part of its preparation for a potential listing, with the 2025 audited results being part of that process.
Ojulari highlighted the company’s ambition to operate at the level of Saudi Aramco, citing transparency, accountability, and sustainable performance as necessary to achieve that objective. To reach this goal, NNPCL must ensure transparency, clear accountability, and sustainable performance. This will be crucial in demonstrating the company’s readiness for a potential listing.
The proposed listing will cover NNPC Ltd as a whole, rather than being limited to its refineries. Ojulari linked the IPO plan to the recovery of debts owed to the company, stressing that NNPC Ltd needs to demonstrate discipline in collecting payments for the gas and crude oil it supplies. Effective management and recovery of owed money are essential for the company to operate as a listed entity.
NNPCL’s preparations for a potential listing are part of the commercialization of the national oil company under the Petroleum Industry Act. The company continues to work towards meeting the necessary requirements for a successful listing. Shareholders and market conditions will be key factors in determining the timing of the IPO.
The postponement of the IPO date allows NNPCL to focus on addressing identified gaps and building a strong track record. The company’s commitment to transparency and accountability will be essential in achieving its goals and demonstrating readiness for a potential listing. Key stakeholders will be watching closely as NNPCL continues its preparations.
Key points
- NNPCL has no fixed date for its planned initial public offering.
- The company’s management is responsible for preparing for listing, while the final decision rests with shareholders.
- NNPCL aims to operate at the level of Saudi Aramco, with a focus on transparency, accountability, and sustainable performance.
